Small businesses were on the leading edge of a remarkable economic recovery until everything was shut down. As the economy begins to re-emerge, it is, once again, small businesses that must lead the way. They are indeed leading the way once more and, despite formidable obstacles, they continue to press on and remain optimistic about the future. In a recent survey of over five hundred small businesses, Verizon found that optimism remains high as the world continues to battle back to normal. The following is taken directly from Verizon’s published data:
- The small businesses that have weathered this pandemic to date express an overall optimism and the financial wherewithal to eventually reopen.
- 68% of small businesses believe they can recoup COVID-19 related losses
- 46% (nearly half) of small businesses that remain open say their businesses will be able to stay open for more than six months if the pandemic continues in the same way
- 48% of small businesses say it’s unlikely they will need to resume operations with a smaller staff
- While 78% of small businesses indicate declining sales, less than a quarter (24%) say that they have missed or withheld any payments of bills (rent, utilities, etc.).
- While much of the small business news coverage has focused on government financial aid programs, the survey results suggest small business owners are in reality seeking more practical advice and assets to help them survive and thrive. Relevant insights include:
- Expertise Needed For Recovery: Small businesses cite Financial (54%), IT (42%), E-Commerce (42%), and HR (40%) as the key areas of advice they would like to tap into.
- As these small businesses have faced challenges both in managing remote employees, rules and regulations surrounding opening and venue capacity, and the overall downturn in the economy, they’ve found and continue to investigate new ways to drive the bottom line. These pivots include:
- 43% plan on expanding their businesses through digital and related technology
- 30% already added ways in which they deliver products and services digitally
- TJ Fox, President of Verizon Business Markets said, “These findings echo what we have been hearing from many of our customers: a feeling of optimism. Now that the initial shock of the pandemic has passed, many small businesses are focusing on the future by investing in new ways to adjust to the new work from home model, optimize revenue and find ways to succeed in the new business as usual.”
-Written by Kevin Sawyer
